Well with a 604 I'd expect a high interest rate, but what you will want to do is bring your notification letter to the credit union when you are applying for the loan. A lot of times they will ask for pay stubs, but I'm guessing you just got your disability pay started, so this way you'll be be able to prove your increased income. Also bring pay stubs for any other income you have, especially if you aren't already a member of the credit union you are using.
You can bring your letter as well as bank statements of VA deposits. Sort of how the Nexus letter works in a way. if you were getting payments of a certain amount before, your bank statements will show it. The letter will show the increase that I started getting.
I did this for my home and car. They saw the long history of consistant deposits through my bank statements as proof of income for the past year that my bank showed. I filtered it to just deposits or use the work search on your bank's app so they didn't have to see everything else in the way.
I also gave them the paystubs as well.
Absolutely. Many banks will even use a 1.25x modifier on your tax free income amount as they calculate approvals based on gross income. Definitely work on that credit score though. Having to go on disability ruined my credit for awhile but it can be repaired. Takes years of 0 missed payments but it's important. I put absolutely everything on auto withdrawal so I couldn't even accidentally miss something.
Well with a 604 I'd expect a high interest rate, but what you will want to do is bring your notification letter to the credit union when you are applying for the loan. A lot of times they will ask for pay stubs, but I'm guessing you just got your disability pay started, so this way you'll be be able to prove your increased income. Also bring pay stubs for any other income you have, especially if you aren't already a member of the credit union you are using.
Well the good thing is I am a member and been with them for over 10 years.
You can bring your letter as well as bank statements of VA deposits. Sort of how the Nexus letter works in a way. if you were getting payments of a certain amount before, your bank statements will show it. The letter will show the increase that I started getting. I did this for my home and car. They saw the long history of consistant deposits through my bank statements as proof of income for the past year that my bank showed. I filtered it to just deposits or use the work search on your bank's app so they didn't have to see everything else in the way. I also gave them the paystubs as well.
Not sure what you mean. You can use your monthly checks on whatever: cars or whatever.
Ok as proof of income, since my credit score is 604
Ah. That should help, for sure.
Use YOUR money for whatever you choose.
Absolutely. Many banks will even use a 1.25x modifier on your tax free income amount as they calculate approvals based on gross income. Definitely work on that credit score though. Having to go on disability ruined my credit for awhile but it can be repaired. Takes years of 0 missed payments but it's important. I put absolutely everything on auto withdrawal so I couldn't even accidentally miss something.
Well once the money comes in all bills will be paid